Saturday, February 18, 2012

Condo Relief -- Extension of the Florida Distressed Condominium Relief Act ? | The National Law Review

Condo Relief -- Extension of the Florida Distressed Condominium Relief Act ? | The National Law Review
See my post below below for the reference to Florids HB 319, which includes a three-year extension of this act. As explained by attorney Alexander Dobrev:

"As a reminder, the Distressed Condominium Relief Act marked a dramatic shift in Florida law, encouraging the bulk acquisition of condominium projects by protecting the acquirer against some significant liabilities which could be inherited from the original developer (a.k.a. "successor developer" liabilities), while allowing the acquirer to retain certain useful and valuable rights with respect to the operations, repositioning and eventual disposition of the assets.

"As the Act's sunset date of July 1, 2012 approaches, liability concerns relating to statutory warranties on units and common elements, unfunded reserves, past due assessments or deficit funding obligations, the acts and/or omissions of the prior developer's board of directors, and the like, are likely to increase and to add downward pressures on the still distressed condominium market."

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